Generator Sales Market worth USD 33.54 billion by 2030, registering a CAGR of 6.67% – Report by Market Research Future (MRFR)
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) — Generator Sales Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Generator Sales Market Research Report, Type, Fuel, End-Use and Portability and Region – Forecast till 2030”, the market is projected to be worth USD 33.54 billion by 2030, registering a CAGR of 6.67% during the forecast period (2021 – 2030), The market was valued at USD 20.35 billion in 2021.
List of the companies profiled in the global generator sales market research report are-
- ABB Group (Switzerland)
- Siemens (Germany)
- General Electric Company (U.S.)
- Crompton Greaves Ltd. (India)
- Toshiba Corporation (Japan)
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Hyosung Corporation (South Korea)
- Bharat Heavy Electricals Limited (India)
- MTU Onsite Energy (Germany)
- Kohler (U.S.)
- Cummins Inc (U.S.)
- Kawasaki Heavy Industries Ltd. (Japan)
- Wartsila (Finland)
- Caterpillar (U.S.)
- Himoinsa S.L. (Spain)
- Rolls-Royce (UK)
- others.
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Market Research Future’s Review on Generator Sales Market
Several Factors Contributing to Market Growth
The worldwide generator sales market is growing as a result of factors like industrialization and urbanization, rising need for power backup systems, long power outages during peak hours, and the necessity for uninterrupted power supply. For example, the oil and gas industry requires power to work efficiently throughout the value chain. As a consequence, they require power generators to ensure that, in the case of a load shedding or power outage, generators with high power producing capacity can provide the demand for power. Siemens produces a broad range of generators capable of generating up to 5 MW of power. Along with this, commercial structures require large-scale generators to ensure a continuous power supply. Generator sales are directly linked to growing power demand, whether on a small or large scale.
The Global Market to Rebound Amid COVID-19 Pandemic
The COVID-19 crisis has had a devastating impact on the world economy, bringing various sectors to a halt. Companies in the power generation sector are facing a number of problems as a result of a drop in electricity consumption following COVID-19 outbreak. Furthermore, businesses such as tourism, construction, manufacturing, and services have entirely ceased operations, having a significant impact on the worldwide generator sales market. Many firms in the generator sales supply chain have halted operations to ensure staff safety. Nevertheless, several businesses are running at half-capacity to support vital industries such as utilities and manufacturing. Many utilities across the globe rely on generators for power delivery. As the worldwide demand for electricity has dropped, so has the demand for new generators.
Browse In-depth Market Research Report (185 pages) on Generator Sales
https://www.marketresearchfuture.com/reports/generator-sales-market-1524
Furthermore, since the demand for power has decreased, revenue production for many utilities around the world has reduced. Furthermore, utilities in developing countries that still depend on manual meter readings to generate monthly bills are estimated to suffer revenue collection losses during the lockdown time. During this period, revenue collection in such countries will fall, having a severe economic impact. Furthermore, numerous government entities around the world are waiving electricity rates for a large number of households in order to reduce the financial impact on households. For instance, the Thai government announced in April 2020 that power prices for 22 million homes would be forgiven in order to lessen the financial impact on individuals. This has been beneficial to Thai citizens, whose per capita income levels have dropped significantly as a result of the outbreak. The reduction in electricity demand has had a direct impact on the demand for generators. Nonetheless, as economies aim to resume operations in order to gradually increase revenue generation, demand for generators is likely to continue its average growth rate by late 2021.
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Market Segmentation
The worldwide generator sales market has been segmented on the basis of type, fuel, portability, and end-use.
On the basis of type, the worldwide generator sales market has been segmented into continuous, standby, and peak shave. Amongst these, the continuous segment held the largest market share due to the increasing demand for power that is available 24×7.
On the basis of fuel, the worldwide generator sales market has been segmented into diesel and gas. Diesel generators are dominating the global market size owing to their capacity to generate large amount of power and easy availability of fuel. Nevertheless, gas generators are projected to dominate the generator sales market over the review period, as they are environment-friendly and the diesel prices are increasing at a fast rate.
Based on portability, the worldwide generator sales market has been segmented into stationary and portable. Portable generators are anticipated to attain a higher number of customers owing to growing short-term projects and generator rental market becoming stronger.
On the basis of end-use, the global generator sales market has been segmented into residential, commercial, and industrial. The industrial segment held the biggest market share as there is an increase in the industrial sector from the developing countries.
Regional Analysis
APAC to Dominate the Global Market
The Asia Pacific area has the greatest market share in the worldwide generator sales market due to recent rapid development in the manufacturing sector. With igrowing commercial operations and industrial expansion, Asia Pacific regions such as India and China have been important contributors to the development of the generator sales industry.
Segmentation of Market covered in the research:
Generator Sales Market Research Report by Type (Continuous, Stand By and Peak Shave), by Fuel (Diesel and Gas), by End-use (Residential, Commercial and Industrial), by Portability (Stationary and Portable), and Region – Global Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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